TUCSON-A private investor in California has plowed the proceeds of her 1031 exchange into Desert Pines Apartments, paying $3.06 million for the 96-unit, 1982-built property.

The property, situated on 2.86 acres at 180 W. Valencia Rd., was listed for $3.3 million, and according to Richard Butler, the seller, Lisa Saputo of 3117 Valle Avenue, LLC in Del Mar, CA, received six initial offers on the property.

"We asked for a best and final offer from all the buyers, and the buyers were given the opportunity to see the units and financial statements before the best and final date," says Butler, senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, who represented both the seller and the buyer, Lois Schechinger of Orange, CA, in the transaction.

Butler tells GlobeSt.com that the buyer submitted both the highest price and probability offer for purchase, which was how she ended up purchasing the property. The property, which was 87% occupied at the time of sale, consists of 64 one-bedroom units, at 470 sf, at a rent of $375 per month; and 32 two-bedroom units, measuring 676 sf, and renting for $475 per month.

Renovations on the property will be minimal, Butler notes, adding, "a few units will need upgrades in bathrooms and kitchens, and new cabinets."